Gold jumps, set to touch three-month high over Ukraine political fears

gold

After hitting a near-three-month high the previous session, gold was up in Asia on Monday morning. Concerns over a possible Russian invasion of Ukraine have persisted, lowering investors’ risk appetite.

Gold futures rose 0.63 percent to $1,853.65 at 4:31 a.m. GMT, after achieving its highest level since Nov. 19 at $1,865.15 in the previous session. This was also the largest daily increase since the middle of October 2021.

Concerns in the United States that a Russian invasion of Ukraine could be imminent sent Asia Pacific stocks tumbling and oil prices soaring to seven-year highs. Bonds gained ground as a result of the news, but the euro suffered a setback.

The US cautioned on Sunday that Russia may construct a pretext to attack its neighbor at any time. Even as it fills up forces in the area of its border with Ukraine, Russia has refuted the charges and accused the West of hysteria.

The dollar, which usually swings in the opposite direction of gold, fell on Monday, while the benchmark 10-year Treasury note rose. Expectations that inflation will continue to rise in the short term pushed the Michigan consumer mood index to 61.7, the lowest level in more than a decade.

The minutes from the Federal Reserve’s most recent meeting will be released later this week.

Silver was up 0.7 percent, platinum was up 0.8 percent, and palladium was up 3.7 percent in other precious metals.

HM Revenue and Customs (HMRC), the UK’s main tax body, has confiscated three nonfungible tokens (NFTs) linked to a possible tax evasion scheme.

The tax watchdog claimed to be the first law enforcement organization in the United Kingdom to seize NFT. The NFT confiscation was accompanied by the arrest of three people suspected of dodging taxes through a variety of sophisticated methods.

Coin of the meme Shiba Inu has gone a different path this week, with 131 million SHIB coins being delivered to a defunct wallet. 

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